ISLAMABAD: The Pakistan Stock Exchange (PSX) on Thursday declined by more than 2,000 points, stock analysts said, citing profit-taking and concerns over foreign outflows as main reasons behind the slump.

The benchmark KSE-100 index dropped 2,671.87 points, or 2.41 percent, to 108,398.42 points during intraday trading on Thursday, compared to Wednesday’s close 111,070.29 points.

Ahsan Mehanti, chief executive officer of Arif Habib Commodities, said the downturn was driven by profit-taking by investors, an unstable rupee and weak global oil prices.

“Stocks bearish on concerns over foreign outflows and outlook for cautious SBP [State Bank of Pakistan] policy easing on susceptible multiple risks,” he told Arab News.

“Consolidation in the blue-chip scrips, rupee instability and weak global crude oil prices played a catalyst role in bearish activity.”

On Dec. 16, Pakistan’s central bank cut its key interest rate by 200 basis points to 13 percent, marking the fifth straight reduction since June.

Blue-chip stocks in the PSX include large, stable companies like Oil & Gas Development Company (OGDC), Hub Power, Engro, Nestlé and Lucky Cement. These companies are known for strong performance, financial stability, and industry leadership, making them popular for long-term investments.

Raza Jafri, head of equities at Intermarket Securities, said value buyers would be tempted to reenter on dips, with valuations still in active territory and no changes to the economy’s positive outlook.

“Pakistan equities have experienced profit-taking this week, after this year’s robust 80 percent + CYTD [calendar year to date] rally,” he told Arab News.

“Similar profit-taking also occurred in mid-December last year, around 10 percent, after a rapid rally.”

KARACHI: Pakistan’s federal cabinet has approved amendments to more-than-a-century-old Code of Criminal Procedure (CrPC), a senior official said on Wednesday, adding that the “landmark reforms” would address long-standing issues in the criminal justice system.

Enacted during the British rule in 1898, the CrPC governs all aspects of criminal proceedings in Pakistan, from investigation and prosecution to adjudication and appeals. But many of its provisions were deemed outdated and in need of reforms.

On Tuesday, Prime Minister Shehbaz Sharif’s cabinet approved amendments to CrPC, which would now be presented before both houses of parliament for approval. The draft of amendments would then be sent to the president to be signed into law.

Barrister Aqeel Malik, adviser to the prime minister on law and justice and a government spokesperson on legal affairs, said the changes were essential to “streamline” the criminal justice system of the country.

“The amendments to the CrPC were long overdue,” Malik told Arab News. “These landmark reforms will simplify and streamline processes.”

The reforms followed the creation of a committee by PM Sharif, which engaged bar councils, prosecutors, judges, lawyers and experts to ensure the amendments address issues within the system.

The key changes include measures to protect vulnerable groups, such as women, children, the elderly, and persons with disabilities, by recording their statements at the place of their ease, instead of calling them into a police station.

Under Section 46, only female officers can now arrest women, and male officers have been prohibited from arresting female suspects. Newly added provisions, 54-A and 54-C, seek to align the laws with international standards on the treatment of detainees, while modern electronic devices would now be used to record witness statements and facilitate cross-examinations under Section 161-A, according to Malik.

Another reform requires a police station in-charge, or station house officer (SHO), to be an officer of the sub-inspector rank, instead of an assistant sub-inspector (ASI), while other amendments focus on making it easier for citizens to file police complaints. Previously, if a police officer refused to lodge a complaint, people had to resort to lengthy procedures to seek redressal. Now, people can approach a superintendent of police (SP) to address their grievances.

The role of prosecutors has been strengthened in the new draft, allowing them to flag deficiencies in police reports and recommend suspending or closing cases. Timelines have also been introduced for speedy resolution of cases.

“The trial court will now have to set a timeline for each case within 15 days of taking cognizance, similar to practices in countries like the UK and the US,” Malik said.

A “case management schedule” has been recommended in the amended draft of CrPC and trials must conclude within a year, with a one-time, four-month extension. Appeals must be decided within six months to a year, with fewer adjournments, and legal heirs can now file appeals if the convicted person dies before appealing a verdict to ensure justice may continue posthumously, according to the official. One of the amendments is the inclusion of psychologists and psychiatrists in medical boards.

“The term ‘lunatic’ has also been removed from the CrPC and replaced with a more appropriate definition for individuals suffering from mental disorders,” he added.

Haider Imam Rizvi, a lawyer and former vice-chairman of the Sindh Bar Council, supported the government’s move, but urged it to “avoid using the reforms to consolidate its power.”

“We had been demanding that the outdated 1898 system needs to be amended,” he said. “If the amendments are being introduced to assert dominance over others and deprive people of their rights in certain aspects of the criminal procedure, then I would consider it an improper exercise of power. However, if these changes are genuinely positive, as we still need to see the draft, then we will support them.”

Malik emphasized the reforms were not politically motivated: “These changes are aimed solely at improving the system to ensure speedy justice.”

Saqib Bashir, a local media reporter who has excessively covered legal cases, welcomed the amendments, urging their effective enforcement.

“The use of modern devices like video links for recording statements is a great step. The timeline is also a welcome step but unless there is a will and enforcement, it could remain an unfulfilled promise,” he said. “The mindset of the police, especially regarding FIRs (first information report), also needs to change for the reforms to succeed.”